Lebanon's central bank bans interactions with Hezbollah's Al-Qard Al-Hassan: Circular
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LBCI
4 hours ago
- LBCI
From Gaza to Ukraine: Are global trade corridors fueling deeper rivalries?
Report by Toni Mrad, English adaptation by Karine Keuchkerian Do you know what's behind the war in Gaza? Or the reason for the conflict between Ukraine and Russia? Some observers trace these wars back to a global rivalry between two competing trade initiatives: one led by China—the 'Silk Road'—and the other backed by the United States—the 'India–Middle East–Europe Economic Corridor.' At first glance, this analysis may seem unconventional. But some argue that many of the wars and conflicts unfolding around the world today are tied to a deeper struggle over trade routes and economic influence among major powers. To break it down: there are two key global trade projects. The first is China's Silk Road, formally launched in 2013 as the Belt and Road Initiative. It's a vast economic and strategic plan aimed at linking China to Europe via Asia and the Middle East. The second is the India–Middle East–Europe Economic Corridor, which was formally introduced during the 2023 G20 summit. This initiative seeks to establish a trade corridor connecting India to the Gulf and Europe through the Middle East. But is it accurate to say that many of today's wars are connected to the rivalry between these two trade routes? Take Gaza, for example. The war didn't erupt directly because of this rivalry, but the conflict became an indirect factor in Israel's military campaign. Put another way, the war in Gaza effectively froze progress on the India–Middle East–Europe Economic Corridor. It became nearly impossible for Saudi Arabia to move forward with normalization or economic cooperation with Israel under current conditions. More broadly, the rivalry between the Chinese and Indian trade corridors helps explain why some countries have backed different sides in the conflict. India supported Israel, a position interpreted as an effort to protect its trade project from derailment. In contrast, China expressed support for the Palestinians—seen by some as an attempt to undermine the Indian corridor in favor of its own Belt and Road Initiative. Another example is the war in Ukraine, which has also disrupted China's Silk Road. The conflict weakened the initiative and forced China to alter its routes. Prior to the war, some Chinese goods passed through Ukraine en route to Europe. That route has been completely halted due to military operations and instability. This disruption created new space for competing projects, including the Indian corridor, to gain ground. Ultimately, when a war breaks out, the geopolitical dimensions—especially those tied to global trade routes—should not be overlooked.
Cedar News
a day ago
- Cedar News
Turkish Lira Hits Record Low Against U.S. Dollar Amid Political Turmoil
📉 Turkish Lira Hits Record Low Against U.S. Dollar Istanbul, July 20, 2025 — The Turkish lira hits record low as it plunged past 40 against the U.S. dollar on Saturday, marking a historic depreciation amid growing political turmoil and economic uncertainty in Turkey. The record low for the Turkish lira comes after a week of heightened political tension, including the recent detention of opposition leaders and ongoing government crackdowns. According to financial data, 1 USD is now worth more than 40.39 TRY, the weakest rate since official records began. 🔍 What's Driving the Turkish Lira's Collapse? 1. Political Instability The primary factor behind the fall is political unrest. A series of detentions targeting opposition mayors, including in major cities like Istanbul, has spooked investors and eroded confidence in Turkey's political and legal institutions. As tensions rise, the Turkish lira hits record low in response to growing fears of authoritarian consolidation. 2. Central Bank Pressure and Policy Concerns The Turkish Central Bank has faced criticism for inconsistent monetary policy and frequent political interference. Previous efforts to support the lira by selling foreign currency reserves have failed to reassure markets. With inflation already soaring, the central bank's options are increasingly limited as the Turkish lira hits record low again. 3. Investor Flight and Market Reaction Investors are pulling out of Turkish assets, citing increased risk. Credit default swaps have risen, bond yields have spiked, and the record low Turkish lira is causing inflation fears to surge, especially regarding imported goods and energy. 🗣️ Local & International Reaction Many Turkish citizens are voicing concern over the rising cost of living. 'Every time the Turkish lira hits a record low, we feel it at the grocery store, at the gas pump, and in our electricity bills,' said one Istanbul resident. Economists warn that unless decisive steps are taken to stabilize the currency and restore institutional independence, the lira's decline may accelerate further. 📊 Market Impact Exchange Rate: 1 USD = 40.39 TRY Investor Confidence: Near decade-low Foreign Reserves: Reportedly depleted amid previous interventions Inflation Outlook: Expected to rise sharply in Q3 2025 🔮 What Happens Next? The Turkish lira hitting a record low puts enormous pressure on the Central Bank ahead of its next policy meeting. Markets will be watching closely for potential interest rate hikes or other stabilization measures. Analysts suggest that without political de-escalation or credible economic reform, the lira may continue to slide, increasing the economic burden on Turkish households and businesses.
LBCI
2 days ago
- LBCI
From cargo to connectivity: Tripoli Port poised for regional role with strategic development projects
Report by Ghida Fayad, English adaptation by Yasmine Jaroudi Tripoli Port, Lebanon's second-largest commercial port after Beirut, receives around 900 ships annually carrying a wide range of cargo, including timber, iron, grains, oils, and passengers. Yet its actual value lies beyond volume; it is its geographic proximity to the Syrian border crossings that makes it a critical strategic asset. Now, Lebanon's Public Works and Transport Ministry sees a rare opportunity: positioning Tripoli Port as a vital transit hub between East and West, on par with major regional ports. To achieve that, the ministry is advancing four major development projects currently underway at the port. First is the construction of grain silos, a move that would transform Tripoli into a key hub for grain imports and generate additional revenue. Second, a new floating dock for ship repairs is being built to establish Tripoli as a regional center for maritime maintenance. Third, the expansion of container storage yards is underway, which will boost storage capacity and, in turn, increase port revenues. Lastly, customs inspection areas and three warehouses for diverse container cargo are being prepared to enhance security, curb smuggling, and modernize cargo services. However, the government's ambitions do not end at the port gates. The vision includes connecting Tripoli Port with the nearby Qlayaat Airport project and improving road infrastructure that links both facilities to Lebanon's northern border with Syria. Two key bridges—Aarida and Aabboudiye—were damaged by Israeli strikes during the last war and are now being considered for rehabilitation. A strategic location, ongoing projects, and a broader regional outlook could make Tripoli Port a pivotal player in Lebanon's recovery. Will the government seize this opportunity?
